Healthcare & Life Sciences
Genworks raised private equity investment from Somerset Indus Capital Partners
About
Genworks Health Pvt. Ltd
Genworks Health Pvt. Ltd. is a healthcare equipment provider. It provides solutions which include Imaging Solutions, Cardiology Solutions, Women’s Health Solutions, Critical-Care Solutions and Perioperative Solutions. While GenWorks started with distribution of disruptive technologies from GE healthcare, it has offered a host of solutions from various best in class technology providers to complement and complete the requirements of healthcare professionals. The future holds inspiring possibilities for a healthier India with disruptive solutions and inclusive approaches.
Somerset
Somerset Indus Capital Partners seeks to make private equity and equity-related investments primarily in growth-oriented healthcare companies in India. The Fund expects to make controlling or influential minority investments in Indian healthcare companies, in connection with various transaction structures including leveraged buyouts, build-ups and growth financings. The fund engages with its portfolio companies extensively in areas of portfolio expansion, talent acquisition and strategy and operational aspects.
Background
We are pleased to announce that our client, Genworks Health Private Limited (“GenWorks”) incubated by Wipro GE Healthcare (“Wipro GE”) under the leadership of Mr Ganesh Prasad, former senior management team of Wipro GE one of the fastest growing healthcare technology solutions player in India, has raised private equity investment from Somerset Indus Capital Partners (“Somerset”)
Founded in 2015, GenWorks, provides equipment and technology solutions for radiology, maternal & infant care, cardiology and surgical care and has grown rapidly over the last few years, deeply penetrating the tier 2/3 markets serving 26 states and 450+ districts across the country, with its wide range of affordable healthcare products and solutions.
Prior to founding GenWorks, along with his colleagues Balaji RR and Kiran Thadimarri, Mr. Ganesh Prasad has had over two decades of track record of building industry leading businesses in the areas of Ultrasound and Clinical systems as business leader and spearheaded affordable healthcare initiatives for Wipro GE Healthcare.
GenWorks’ endeavour is to enable access to healthcare technology to the medical professionals & healthcare delivery providers in tier 2/3 markets.
Buoyed by the future growth prospects of GenWorks, Wipro GE continues to stay invested in the Company. Primary investment from Somerset will enable the Company to expand its solutions offerings to drive early diagnosis thereby saving lives and increasing affordability.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its shareholders. VedaCorp provided transaction advisory services including deal structuring and negotiation of key commercial terms, leading to the successful closure of the transaction.
This marks our 29th transaction in the healthcare domain reaffirming our leadership position in this segment. This is also our 5th transaction in medical devices segment.
” VedaCorp was introduced to me by one of my close customers during the process of our fund raise. We could strike a instant rapport with the team and we truly value their support in the process and seamless execution. We value their guidance, partnership and deep expertise in this field.”
S Ganesh Prasad
MD & CEO, Genworks Health Private Limited
“Led by young and ambitious professional team, GenWorks has helped create awareness, accessibility & affordability of healthcare technology for all care providers. With the current round of investment, GenWorks targets to diversify its product offerings, deepen its market presence and scale its operations rapidly to become an undisputed leader in medical equipment solutions space”
V P Rajan
Associate Director at Veda Corporate Advisors